Globus Medical Acquires Stake in Synoste from Evonik

By Mike Evers

Globus Medical Acquires Stake in Synoste from Evonik

Evonik Venture Capital sold its stake in Synoste Oy to Globus Medical. Evonik did not disclose the deal's financial terms. Synoste is a Finnish startup that developed a minimally invasive implant for the treatment of leg length discrepancy, pictured above. The implant lengthens the bone gradually over a period of months and is manufactured with polyetheretherketone developed by Evonik.

Globus acquired Synoste in 2Q20 for $23.5 million.

The deal may ultimately bolster Globus' trauma business and aligns with the company's strategy of expanding into a full range of musculoskeletal treatment products. We estimate Globus Medical's trauma segment generated approximately $4 million in revenue for 2019, as the company slowly builds its new business lines. For the first half of 2020, we estimate Globus's trauma sales totaled $3.2 million, +167% vs. the prior year.

Product Labels: Lower Extremity

Tags: M&A